TerraCRG sells Park Slope corner development site for $7.4 million

TerraCRG, one of Brooklyn's leading commercial real estate brokerage firms, closed on the sale of the development site located at 550-554 Fourth Ave. in Park Slope. Ofer Cohen, Melissa DiBella Warren, Peter Matheos, Dan Marks, Michael Hernandez, and Joseph Terzi of TerraCRG sold the site for $7.4 million. The property is an assemblage of five tax lots with a 7,032 SF footprint, including the property at 138-140 15th Street. There is an existing grocery store and two frame residential buildings on the property that are now vacant. Located on the corner of 15th Street and Fourth Avenue, the C2-4/R8A zoned site allows for 38,000 BSF or up to approximately 50,632 gross BSF with inclusionary housing. The assemblage is just blocks from Brooklyn's only Whole Foods. The site is only one block from the Prospect Avenue R subway station and just three stops from the Atlantic Terminal Mall and Barclays Center, with access to the 2, 3, 4, 5, N, Q. R, B, D subway lines as well as the Long Island Railroad. "This was a complex transaction where the original seller will retain a portion of the completed project, including the corner retail space," said Melissa DiBella Warren, partner and senior vice president of TerraCRG. "Brooklyn developers realize that many times assemblages need to be formed to create larger footprints, which ultimately may increase the end value of the project," Melissa adds.